More Classes
5th Class
6th Class
7th Class
8th Class
9th Class
10th Class
11th Class
12th Class
NAT I
NAT II
CSS
IQ
General Knowledge
MDCAT
ECAT
GAT General
GAT Subject
Other Links
Go to Home
Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
Who introduced indifference curves to explain consumer's beghavior
Choose an answer
J.R Hicks
Marshall
Robbins
Adam Smith
Previous
Skip
Next
Question # 2
The maintain social status in life, a person requires.
Choose an answer
Bare necessities of life
Comforts of life
Luxuries of life
All of them
Previous
Skip
Next
Question # 3
The goods used to produce income or wealth are.,
Choose an answer
Consumer goods
Manufactured goods
Merit goods
Capital goods
Previous
Skip
Next
Question # 4
If price changes by one % and supply changes by 2% then supply is
Choose an answer
elastic
inelastic
indeterminate
static
Previous
Skip
Next
Question # 5
A monopoly firm is in equilibrium when
Choose an answer
MC intersects AC
MC intersect MR
AC intersects AR
TC intersects TR
Previous
Skip
Next
Question # 6
Wants are unlimited for:
Choose an answer
Poor person
Rich person
All persons
None of them
Previous
Skip
Next
Question # 7
Normal profit is attained where:
Choose an answer
TR = TC
TR >TC
AR > MR
AR < MR
Previous
Skip
Next
Question # 8
With an increase in cost of production, price of the product rises while supply of the product will.
Choose an answer
Fall
Rise
Remain unchanged
Non of the three
Previous
Skip
Next
Question # 9
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
Choose an answer
Horizontal Axis
Vertical Axis
None of the above
Previous
Skip
Next
Question # 10
The utility of durable consumer goods.
Choose an answer
Diminishes with the passage of time
Perishes, if not used
Can be obtained constantly
None of the three
Previous
Skip
Next
Question # 11
In the long-run a competitive firms attains only:
Choose an answer
Normal profit
Super Normal profit
Sub-Normal profit
Marginal cost
Previous
Skip
Next
Question # 12
Marshall is his definition of economics
Choose an answer
uses the concept of material welfare
dislikes wealth
accuses Adam smith
Praises Robbins
Previous
Skip
Next
Question # 13
Every factor of production gets reward equal to its
Choose an answer
cost
marginal product
price
increasing return
Previous
Skip
Next
Question # 14
Habib Bank limited means that.
Choose an answer
Its capital is limited
It shareholders are limited
The liability of each shareholders is limited
Non of the three
Previous
Skip
Next
Question # 15
Land means
Choose an answer
sea
surface of earth
natural forests
all natural resources
Previous
Skip
Next
Question # 16
Who was the exponent of welfare economics.
Choose an answer
Alfred Marshall.
Adam smith.
Lionel Robbins
J.M. Keynes.
Previous
Skip
Next
Question # 17
Food, Shelter and clothing are:
Choose an answer
Necessities
Comfort
Luxuries.
None of three
Previous
Skip
Next
Question # 18
This is
NOT
the result of specialization
Choose an answer
increased production
improvement in quality of product
increase in cost of production
increase in trade
Previous
Skip
Next
Question # 19
Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called
Choose an answer
externality
wastage
extra cost
opportunity cost
Previous
Skip
Next
Question # 20
These are kinds of rent EXCEPT
Choose an answer
differential rent
scarcity rent
mobility rent
location rent
Previous
Skip
Next
Question # 21
When both demand and supply fall in equal proportions, price of the product will .
Choose an answer
Fall
Rise
Remain the same
None of the above
Previous
Skip
Next
Back